營運資金、固定資產投資與公司績效的關係－ 以印尼上市公司為例

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徐維嬬(Wei-Ru Hsu) 查詢紙本館藏

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企業管理學系

論文名稱

營運資金、固定資產投資與公司績效的關係－以印尼上市公司為例
(The effect of working capital and fixed asset investments on corporate performance:An empirical study of Indonesia listed firms)

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摘要(中)

本研究主要從伊斯蘭的角度探討宗教規範對於公司營運資金投資與固定資產的影響，進而探討是否影響公司績效。以2011年至2018年印尼資本市場上市公司作為研究樣本，進行實證分析。資料來源為印尼證券交易所2011年至 2018年之財務報表。研究結果顯示，遵循伊斯蘭教義且有財務限制公司，其固定資產與營運資金呈現抵換（Trade-Off）關係。遵循伊斯蘭教義且有財務限制公司，當固定資產與營運資金呈現正相關時，其與公司績效亦形成正向關係。研究結果的發現，可以幫助印尼上市公司在投資營運資金、固定資產時更謹慎，幫助公司績效達到最好。

摘要(英)

This study examines the effect of Islamic doctrine on corporate governance, and in turn, whether it affects working capital, fixed assets and firm performance. The sample contains listed firms in Indonesia Stock Exchange from 2011 to 2018. The empirical results of the study show that companies following Islamic law (Shariah) and with financial restrictions have a trade-off relationship between fixed asset and working capital investments. When fixed assets and working capital are positively correlated, they also form a positive relationship with company performance. The findings of the study can help Indonesian listed companies to be more cautious when investing in working capital and fixed assets, and help companies achieve the best performance.

關鍵字(中)

★ 營運資金
★ 固定資產
★ 公司績效
★ 印尼
★ 伊斯蘭教

關鍵字(英)

★ working capital
★ fixed assets
★ corporate performance
★ Indonesia
★ Islam

論文目次

摘要 i
Abstract ii
致謝辭 iii
目錄 iv
圖目錄 vi
表目錄 vii
第一章緒論 1
1-1研究動機與目的 1
1-2研究架構 3
第二章文獻探討與假說建立 5
2-1營運資金與固定資產投資的關係 5
2-2營運資金與固定資產投資抵換關係對公司績效的影響 9
第三章研究方法 14
3-1 資料來源與樣本篩選 14
3-2 模型建立 14
3-3 變數定義 18
3-3-1依變數（Dependent Variable） 18
3-3-2自變數（Independent Variable） 18
3-3-3控制變數（Control Variable） 19
第四章實證結果與分析 21
4-1 敘述性統計分析 21
4-2 單變量統計分析 24
4-2 迴歸分析 26
4-3 穩健性分析 34
第五章結論與建議 38
5-1 研究結論與管理意涵 38
5-2 研究限制與建議 39
參考文獻 40

參考文獻

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指導教授

洪榮華林翠蓉(Jung-Hua Hung Tsui-Jung Lin)

審核日期

2020-6-5

推文